Connexus Credit Union Review: Checking, Savings and CDs

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Overall bank rating

Savings

Savings

Checking

Checking

CD rates

CD rates

Banking experience

Banking experience

Overdraft fees

Overdraft fees

4.5

NerdWallet rating

The bottom line: Connexus Credit Union checking accounts are stellar, with the potential to earn high rates. Its website and online and mobile banking platforms are also generally helpful. The credit union is part of shared ATM and branch networks across credit unions nationwide. But its savings account has a relatively low rate.

Pros

1.75% on Xtraordinary Checking, if several requirements are fulfilled.

No monthly fees on checking or savings accounts.

Over 54,000 free ATMs available.

Cons

Better rates available elsewhere on savings.

$5 inactivity fee for checking or savings with less than $100 and no activity over months.

Full review

Connexus Credit Union Savings Account

4.0

NerdWallet rating

APY

0.25%

With $100 minimum balance

The interest rate on the basic savings account at 0.25% isn’t strong, but there’s no monthly fee. If an account has less than $100 and doesn’t get used in a year, there’s a $5 inactivity fee. Note that all Connexus members must sign up for a regular savings account when joining the credit union. (For higher rates, see our list of best savings accounts.)

The money market option has rates up to 1.15%, but you'll have to deposit $100,00 to earn the best yield. Ultimately, that and the standard savings both fall short of the best savings accounts available, as does the Youth Savings account with 0.25% APY. There is, however, a free mobile app for kids about money management with games and chore lists that parents can create.

Connexus Credit Union Xtraordinary Checking

5.0

NerdWallet rating

Monthly Fee

$0

APY

1.75%

With $0 minimum balance

Xtraordinary checking offers an annual percentage yield of 1.75% for balances up to $25,000, plus up to $25 in rebates to cover out-of-network domestic ATM fees. To get both perks, you have to meet several spending and deposit requirements and accept paperless statements. Money above $25,000 earns 0.25% APY. If requirements aren’t fulfilled, the APY drops to 0.20% for that month.

The Innovative and MyRewards checking accounts weren’t factored into our ratings, but both are good options; neither one charges a monthly service fee, either. Innovative Checking is a basic account that does not pay interest. MyRewards, meanwhile, offers an APY of 1.35% on balances up to $25,000, but you’ll have to meet a few requirements.

Connexus Credit Union CD

4.0

NerdWallet rating

1-year APY

1.01%

3-year APY

1.26%

5-year APY

1.56%

Minimum Deposit

$5,000

Rates range from 1.01% to 1.56% APY, with longer terms earning higher rates. The rates are competitive, but each certificate comes with a steep minimum deposit requirement of $5,000. Other credit unions and banks have strong rates and lower minimums.

Banking experience

4.5

NerdWallet rating

Connexus offers a solid combination of digital tools for budgeting and creating goals as well as access to over 5,000 branches nationwide through a shared network with other credit unions. There’s live chat as well as phone support six days a week. Membership, unlike at many credit unions, is open to people beyond certain regions or employers. One way to be eligible is by joining the Connexus Association, a charitable organization, for a one-time $5 fee.

Overdraft fees

3.5

NerdWallet rating

Connexus charges an overdraft or returned item fee of $29.95, which is slightly below what big banks charge, but still high. Plus, there’s no limit to how many of these fees the credit union can charge per day. There’s a free overdraft protection if you link a savings account to your checking. An overdraft line of credit carries an 18% interest rate.

Connexus Credit Union Savings Account

4.0

NerdWallet rating

APY

0.25%

With $100 minimum balance

The interest rate on the basic savings account at 0.25% isn’t strong, but there’s no monthly fee. If an account has less than $100 and doesn’t get used in a year, there’s a $5 inactivity fee. Note that all Connexus members must sign up for a regular savings account when joining the credit union. (For higher rates, see our list of best savings accounts.)

The money market option has rates up to 1.15%, but you'll have to deposit $100,00 to earn the best yield. Ultimately, that and the standard savings both fall short of the best savings accounts available, as does the Youth Savings account with 0.25% APY. There is, however, a free mobile app for kids about money management with games and chore lists that parents can create.

Connexus Credit Union Xtraordinary Checking

5.0

NerdWallet rating

Monthly Fee

$0

APY

1.75%

With $0 minimum balance

Xtraordinary checking offers an annual percentage yield of 1.75% for balances up to $25,000, plus up to $25 in rebates to cover out-of-network domestic ATM fees. To get both perks, you have to meet several spending and deposit requirements and accept paperless statements. Money above $25,000 earns 0.25% APY. If requirements aren’t fulfilled, the APY drops to 0.20% for that month.

The Innovative and MyRewards checking accounts weren’t factored into our ratings, but both are good options; neither one charges a monthly service fee, either. Innovative Checking is a basic account that does not pay interest. MyRewards, meanwhile, offers an APY of 1.35% on balances up to $25,000, but you’ll have to meet a few requirements.

Connexus Credit Union CD

4.0

NerdWallet rating

1-year APY

1.01%

3-year APY

1.26%

5-year APY

1.56%

Minimum Deposit

$5,000

Rates range from 1.01% to 1.56% APY, with longer terms earning higher rates. The rates are competitive, but each certificate comes with a steep minimum deposit requirement of $5,000. Other credit unions and banks have strong rates and lower minimums.

Connexus offers a solid combination of digital tools for budgeting and creating goals as well as access to over 5,000 branches nationwide through a shared network with other credit unions. There’s live chat as well as phone support six days a week. Membership, unlike at many credit unions, is open to people beyond certain regions or employers. One way to be eligible is by joining the Connexus Association, a charitable organization, for a one-time $5 fee.

3.5

NerdWallet rating

Connexus charges an overdraft or returned item fee of $29.95, which is slightly below what big banks charge, but still high. Plus, there’s no limit to how many of these fees the credit union can charge per day. There’s a free overdraft protection if you link a savings account to your checking. An overdraft line of credit carries an 18% interest rate.

APY

1.30%

With $0 minimum balance

APY

1.15%

With $0 minimum balance

APY

1.15%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

$500

Requirements to qualify

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.